Saudi-Iran differences re emerge on OPEC Platform 

18 Apr, 2016

DOHA: Saudi-Iran differences re-emerge on OPEC Platform.

 

OPEC meeting  occurred in Qatar to freeze the oil production for gaining market share.

 

It was expected that the deal will be finalized to freeze the output at January level but it seemed to fell apart when Saudi Arabia claimed that Iran would also stabilize its output.

 

Iran is the only country who not participated in OPEC meeting.

 

However, Iran refused to stabilize oil output as it is recently recovered from economic sanctions.

 

Iran and Saudi Arabia have sectarian conflicts and both countries are also fighting proxy wars in Yemen and Syria on opposite sides.

 

Other OPEC member countries blamed Iran and Saudi Arabia for the failure of talks.

 

Ralph Leszczynski of shipbroker Banchero Costa said “It seems that for the Saudis politics, national pride is still more important than the price of oil.”

 

Barclays said “This meeting and its outcome should have built trust among producers for possible future cooperation and coordinated action. In this regard, the meeting was a complete failure.